Line of Credit - bank data feed

Jay Garland
Jay Garland Member Posts: 111 Novice Member Novice Member
edited October 2024 in Accounts Hosted
I have set-up a line-of-credit account as a liability so that it's correctly reflected in my balance sheet. However, I have a bank feed set-up for this account and there appears to be noway to attach a bank feed to a liability account. I'm a bit confused.

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    Yes its very confusing. The only thing I can suggest is to set it up as a credit card. Let me know how you fare
  • Jay Garland
    Jay Garland Member Posts: 111 Novice Member Novice Member
    edited November 2017
    That's a good option Kevin. However, even if I do that, if I want to be able to have people pay their invoices into the line-of-credit account, that's not possible. Invoices can only be paid into a BANK account. I could always set-up the line-of-credit as a bank account with a negative balance - not the neatest solution as it will skew the balance sheet.
  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    Well the bank account is the obvious idea. The line of credit is really just a revolving overdraft. Why dont you want to do that?)
  • Jay Garland
    Jay Garland Member Posts: 111 Novice Member Novice Member
    edited November 2017
    If I set the line-of-credit up as a BANK account rather than a LONG-TERM LIABILITY, it shows up in the balance sheet as a negative value in assets - where I'd prefer it to show as a positive value in liabilities.
  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    And you cant have everything is the lesson of the day.
  • Jay Garland
    Jay Garland Member Posts: 111 Novice Member Novice Member
    edited November 2017
    That's the conclusion that I'm coming to myself!
  • John G
    John G Reckon Staff Posts: 1,353 Reckon Staff Reckon Staff
    edited February 2017
    Hi Jay,

    Thanks for the question.

    You can only import bank transactions into a bank or credit card ledger account.
    Is running your Line of Credit liability as a Credit Card an option?


    regards,
    John.
  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    John we already discussed this. Did you read the thread?
  • Jay Garland
    Jay Garland Member Posts: 111 Novice Member Novice Member
    edited November 2017
    I'm going to set it up as a BANK account with a negative balance. I need the invoicing function and bank feed functions and I can't get either when it's a liability. If it's a credit card, I can get the bank feed but not the invoicing function. (by invoicing I mean Reckon only allows payment into a BANK account).
  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    So back where we started Jay. Glad we got that sorted. Cheers
  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited August 2019
    Oh and to be fair the other software doesnt handle it any differently. Its not a normal situation you see
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